Account Aggregator
An Account Aggregator (AA) is a type of RBI regulated enterprise (with an NBFC-AA license) that facilitates an individual to digitally access and share information in a secured manner from one financial institution they have an account with (indicated as Financial Information Provider) to any other regulated financial institution (indicated as Financial Information User) in the AA network. Data cannot be shared without the consent of the individual.
Kotak Mahindra Life Insurance Company Limited acts as an FIU in the Account aggregator ecosystem. For additional information on Account Aggregators, please refer: https://sahamati.org.in/what-is-accountaggregator/
Financial Information Users (FIUs)
Financial Information Users are regulated financial entities that use the data of the end customers to provide them with services like Loans, Insurance, Wealth Management etc. FIU uses the data of the customer received from Financial Information Provider through the Account Aggregator after obtaining their explicit consent.
Kotak Life has partnered with FinSec AA Solutions Private Limited (Product titled OneMoney) as an FIU.
Financial Information Providers (FIPs)
Financial Information Providers are regulated financial entities that are the source of the end customer's data. Examples: Banks, Mutual Funds, Insurance Companies, NBFCs.
FIP shares the data of the customer with Financial Information Users through Account Aggregators with the explicit consent of the customer.
Customer Rights and Obligations
Customers can revoke the consent for the requests that are active. Customers have complete discretion in selecting the accounts that they want to link and share the data through AA. Customers need to provide the consent only after carefully understanding the details of the request. Any suspicious and unauthorized access of their accounts must be immediately reported to AA.
For any further queries, please contact us at:
https://www.kotaklife.com/why-kotak-life/contact-usGrievance Redressal
At Kotak Life Insurance, we value our customers and endeavor to listen and address their needs. Our priority is to respond to your inquiries and concerns as quickly and effectively as possible. For more details regarding our grievance redressal process, please click on the below link:
https://customer.kotaklifeinsurance.com/KGMSUI/Grievance/Information.aspx
